High gas prices, along with the shortage of new cars caused by the Japanese earthquake, tsunami and nuclear disaster, are driving demand for fuel-efficient vehicles. So if you own a small car and are ready to move into a new vehicle, it’s the perfect time to sell your car.
How can I figure out what it’s worth?
The first step is to determine the value of your current vehicle. The perfect place to start is a reputable website like Kelley Blue Book, www.kbb.com, or Edmunds.com. While many consumers check these site when they’re pricing a new car, the sites also include information on what your used vehicle is worth in the market where you live. The site will show you both the price you should be able to get at a dealership if you trade in your car, and the price if you sell it to a private party – which will command more money.
I want to get the most money I can for my car. How should I try to sell it?
One place to start is friends and family members, who are familiar with you and your car-driving habits. You can also try the old standby, local newspaper classified ads, or a more updated version, such as Craigslist or AutoTrader.com. If you are trying to sell your car to someone you don’t know, you should take safety precautions, such as having a friend come along on a test drive, and making sure the buyer pays with a bank-certified check. You also can try a car-buying company, such as CarMax, which promises to buy your car even if you don’t buy a vehicle from them.
When should I sell?
If you want to sell your vehicle, you may be best off acting fast. Kelley Blue Book predicts used car prices will drop by 15 percent by year’s end as gasoline prices decline and the supply of new autos from Japan accelerates.
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